There is no question the UK is in the midst of a housing crisis affecting every generation and socio-economic group across the board. With housing now taking up 20% of a family’s weekly spending and prices being up 10% more than the year before, it is harder than ever to get onto the property ladder especially in sort out locations such as London. While in the 1990s 70% of the population owned their home only 65% do currently, showing a huge drop over the past twenty years. This is due to many reasons that are still widely up for debate but there are ways of finding your footing in the housing market without being swept off your feet by stifling deposits and limited availability.

Help to Buy
One scheme the government has introduced in recent years is Help to Buy. This programme allows younger people and first-time buyers who will struggle to scrape together a 10% deposit the opportunity to receive an equity loan of 20% from the government and a reduced deposit of just 5%. This means the mortgage will only amount to 75% of the house price. The government loan has no interest for six years and so can be paid off in a way that suits the buyer and will, therefore, create an accessible route for people who may be on lower incomes.

While the housing crisis has probably hit young people the hardest with half of the millennials predicted to still be renting in their 40s and a third by the time they’re claiming pensions, they are also half as likely to own their own homes than their parents in the 1970s. An increasing shortage of homes has resulted in skyrocketing house prices and overly cramped conditions for many young people with 1 in 5 living in poverty. With many millennials being forced to live with their parents well into their twenties and beyond while struggling to afford to move out there is a new proposal that has introduced a way of owning a part of your home without the crippling expenses.

Shared Ownership
Shared ownership is a scheme that allows you to own up to 75% of your home while renting the rest from housing associations. The deposit is reduced as it is 10% of the portion of the house you wish to buy and so with a £200,000 if you are buying 50% of the house a deposit will cost just £10,000 compared to £20,000 without the scheme. There is also reduced rent involved as it is owned by non-profit housing associations that charge highly affordable rent with the buyer’s interest in mind. In addition to this, the buyer will have the opportunity to buy more of their home when they feel that they can afford it. There are also opportunities for shared ownership in London making housing in the capital not just for the well-off anymore.

So, whether you are living at home and ready to move out into a shared ownership property in London or you’ve been renting and want to settle down somewhere more permanent through a help to buy scheme, there are ways to get the most out of the housing market without it becoming a nightmare. Websites such as are a great place to start as they provide a range of homes including shared-ownership in many areas.

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